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davidanderson · Joined: 30 Jan 2008 Posts: 1 1.47 Dollars($)

email address removed - solicitation - edited more because there is nothing of value there it was just an ad to get business

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It looks as though rates will drop .5% today or tomorrow

Guest

trie to take advantage of the drop in rates
last weeks lasted less tha 1 day

michelle · Posted: Wed Jan 30, 2008 4:02 pm Post subject:

Hi Davidanderson,

Welcome to the forum.

Thanks for the post. I did remove your email address from the post as it made the post appear to be a solicitation. You are welcome to put your company information and email in your signature line. Feel free to ask any questions or visit the forum rules for clarification.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

Thats great about the rates. What if your credit is just ok? Would you still get the good rates?

ckalvesmaki · Posted: Thu Jan 31, 2008 5:14 am Post subject:

Patricia.......There are different things that affect the rate you will get on your mortgage....Cash out, credit scores, loan to value, loan amount...and level of approval......typically advertised rates...or posted rates in this instance don't always apply........which is why you see a lot of us post rates in a range ie 5.5-6.25%.......The only way to get an exact rate is to do an application and let the lender or LO run the file through the underwriting engine to determine the level of approval. HAving said that.....there are programs that aren't as sensitive as conforming rates like FHA or VA......so it really depends on your unique situation.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

What does cash out and level of approval mean?

ckalvesmaki · Posted: Thu Jan 31, 2008 8:03 am Post subject:

If you are receiving cash back at closing that is considered a "cash out" refi......conforming approvals.....are approved at different levels based on risk.....so you have an approval.....a level 1,2,3 or 4......the higher the approval number the higher the rate......

evolovik26 · Posted: Fri Feb 01, 2008 8:06 am Post subject:

patricia if your credit is just ok you get just ok rates Smile

jk but it depends on alot of factors so when you are a bit subpar you might want to submit an application to a lender/broker you trust so that you can see what you qualify for.
as far as original post its not very informative and is very much like an advertisement.
the rates you are quoting are possible but not for everyone and as soon as you quoting them market changes and in couple of hours this doesnt mean anything.

adrianflores · Joined: 01 Feb 2008 Posts: 5 2.12 Dollars($)

Rates are lower, however lending is thighter, Lenders are being more carefull regarding who they lend money to.

livinginnky · Posted: Fri Feb 01, 2008 11:51 am Post subject:

Posters should be wary of posting "quotes". First of all a quote is when you offer a rate, term, and APR to someone. But I am not going to educate you on advertising laws as you are not allowed to advertise here anyway. And it is your bosses job anyway.

So, welcome to the forums, but please read the rules first. They can be found in the announcents and feedback forum.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Hi Patrica,

If you apply with a mortgage broker, they will be able to tell you exactly what you qualify for. It is very difficult for any one here in the forum to be able to quote the rate and terms without all of the information that would be included in a mortgage application.

Mortgage approvals are now automated and do take into consideration credit, income, equity, cash out amount, assets to determine your approval. You may get a low rate, or a slightly higher rate depending on all of these factors.

What is important that you get the best rate that YOU qualify for. You can then compare the new loan approval terms to what you have currently to see if there is a benefit to refinance. Hope I could help.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Hi Dave,

Rates have been up and down sporatically. Are rates not low enough at this point to make it worth a refinance? Or are you waiting for them to come down to save even more money?

If you can benefit from the current rates but not sure if you want to lock in, then there are options such as a floatdown on your rate lock. A floatdown would lock your rate to guard against further increases but would give you the option to relock the loan if rates go down further before your loan closes. Some lenders offer this option.

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